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Archives - Ratekhoj.com, Indian Personal Finance Trends and News | Ratekhoj.com, Best Fixed Deposits, Loans, Insurance Rates and Credit Cards

Allahabad Bank, a public sector bank in India, has announced a cut in its fixed deposit rates effective from May 25, 2009. The interest rates have been cut across all deposit terms.

The highest interest rate offered by Allahabad Bank on fixed deposits now is 8.00% for fixed deposit term of 800 days for non-senior citizens (people below 60 years of age). The bank is also offering an interest rate of 7.75% for a term of over 5 years for non-senior citizens.

If you are looking for higher fixed deposit rates, there are several banks offering 9.00% for fixed deposits currently on different fixed deposit terms. These include State Bank of Indore, Karnataka Bank, Catholic Syrian Bank, Development Credit Bank, Tamilnad Mercantile Bank, Karur Vysya Bank and City Union Bank.

A comparison of fixed deposit rates at Ratekhoj can help you quickly find the best fixed deposit rates available in the market currently.

Dena Bank has cut its fixed deposit rates effective from May 5, 2009. Dena Bank is a public sector bank headquartered in Mumbai with over 500 branches.

With this change, Dena Bank has cuts the interest rates across various fixed deposit terms. The highest interest rate offered by Dena Bank is 7.75% for deposit terms of 3 to 5 years and 5 to 10 years. This rate applies to non-senior citizens. Senior citizens can get 8.25% for the same deposit periods. 

People will be better served to consider banks other than Dena Bank for their fixed deposits since there are many other banks offering more attractive interest rates on their fixed deposits. City Union Bank is offering the highest interest rate of 9.50% for non-senior citizens among all banks in India for fixed deposits. 

Visit Ratekhoj’s fixed deposits section to compare and get the highest interest rates currently.

It’s still possible to get interest rates of over 9.00% for your fixed deposits even though fixed deposit rates have been cut by banks repeatedly over the last several months.

Banks offering over 9.00% currently for non-senior citizens include City Union Bank, Development Credit Bank, Tamilnad Mercantile Bank, State Bank of Indore, Catholic Syrian Bank, South Indian Bank, IndusInd Bank, Karnataka Bank, Karur Vysya Bank, Lakshmi Vilas Bank, Dhanalakshmi Bank and State Bank of Travancore. Among these banks only State Bank of Indore and State Bank of Travancore are public sector banks while the rest are private sector banks. The highest rate among all banks in India for fixed deposits is currently offered by City Union Bank. This rate of 9.50% is offered for a term of 3 years.

As compared to these banks, the highest interest rate offered by State Bank of India currently is only 8.25% for non-senior citizens.

For senior citizens, the highest interest rate for fixed deposits currently offered by City Union Bank. This rate of 10.00% is offered for a term of 3 years. Karnataka Bank, Dhanalakshmi Bank and City Union Bank are also offering an interest rate of 9.75% and there are several banks offering an interest rate of 9.50% for different terms.

Comparison of fixed deposit rates at Ratekhoj can help you maximize your fixed deposit investment returns.

State Bank of India, India’s largest bank, has cut interest rates on its fixed deposits by 0.25% across all terms. This change is effective from May 4, 2009.

With this change, the highest interest rate offered by SBI for fixed deposits is 8.25% for a term of 8 years to 10 years. Investors can also get an interest rate of 8.00% for fixed deposit terms of 1000 days and 5 years to 8 years.

Fixed deposit rates offered by SBI are not attractive at this time when compared with the fixed deposit interest rates offered by other banks in India. The highest interest rate on fixed deposits of 9.50% is currently offered by City Union Bank for a term of 3 years. Development Credit Bank, Tamilnad Mercantile Bank and City Union Bank are all offering interest rates of 9.25% for various terms.

Even among fixed deposits in public sector banks, the interest rates offered by SBI do not compare well. State Bank of Indore and State Bank of Travancore are offering an interest rate of 9.00% for terms of 5 years - 10 years and 1000 days respectively.

Investors can certainly get better rates on their fixed deposits in many banks (public sector, private sector and foreign banks) than those offered by SBI currently.